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28 October 2009 |
Indonesian steel giant plans IPO in H2 2010
A planned initial public offering (IPO) by PT Krakatau Steel, the nation’s largest steel producer, will most likely be carried out in the second half of next year — about six months later than planned, the Jakarta Post reported.
“Krakatau’s IPO will be in the second semester of 2010,” president director Fazwar Bujang told reporters at the office of the State Ministry for State Enterprises on Tuesday.
Previously, the ministry had targeted that the IPO, where the company would sell up to 20 percent of its stake to the public through the stock market, would go ahead within the first half of 2010.
“Hopefully there will be no more problems for the IPO as we’ve already secured approvals from related departments.”
In fact, Krakatau had planned to sell the stake in November 2008 as the prices of steel were then fairly high. Unfortunately, the prices did not stay attractive as the global economic downturn set in.
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